The £1,000 emergency fund challenge.

claremylove

£25 added this month and have set up a standing order for this amount every month so should begin to see some increase in my total at last. I will get there!

patman99

Not got a lot to report other than my EF is now £0.34.


Need to start building my accounts back up fast as I need to get to the point where I have an EF and at least £2k in my account.

mossy

Morning all

Patman I've been reading about your work situation, I hope that something more permanent and consistent turns up soon. It's very hard when you don't know what's coming in from one week to the next.

I have finally got off the starting blocks again with a princely sum of £10...which is better than £0.

A4445

Is an emergency fund of £1000 actually enough. I’ve read you should have 3-6m wages saved but that’s such a huge ask?

patman99

I got the initial idea fro Dave Ramsey. He uses 3 baby steps to deal with debts.Step 1 is a £1,000 emergency fund.
I thought this would be a manageable first step, hence setting up the challenge.


The work situation has taken an unexpected twist. I had an interview a week ago last Moday. Was offered a trial day the following Tuesday and started on the Wednesday. I have just completed my first full week.
The role is monthly paid, with pay going out on the last day of the month. It will be a struggle until I have 2 months pay, but at least it is permanent job.

A4445

My emergency fund target was £5k and I’m at £4800. It is really nice to know I’ve got that to fall back on.

I’ve also got £400 ready for my car insurance. I put money aside each month for Car services MOT and that’s £110 and £190 for Xmas. £600 towards holidays.

I’m really bad at budgeting so I’m making an effort to be better.

PositiveBalance

patman99 wrote: »

The work situation has taken an unexpected twist. I had an interview a week ago last Moday. Was offered a trial day the following Tuesday and started on the Wednesday. I have just completed my first full week.
The role is monthly paid, with pay going out on the last day of the month. It will be a struggle until I have 2 months pay, but at least it is permanent job.

Well done Patman - I'm delighted for you! :T


The first two months might be a bit squeaky, but well done for navigating such a difficult period so well. I'm sure the EF helped no amount! :A

Danthewelder

Can I be added to this challenge please? I'm currently at £100 and I've set a standing order to transfer £100 of my pay every month on the 28th, and I'll top it up wherever I can.

I'd like to get to £2000 ideally as I want to use it for lump sum payments such as car insurance and telephone line rental. I paid all this last year on a 0% credit card but I've still not paid this off, so I don't think that's the way to go for me, I'm not disciplined enough :rotfl:

patman99

Welcome to Danthewelder who is #286 of our growing clan.


EF wise, my EF was severely depleted before Christmas and I have not had the funds coming in to replenish it.


The job pays next week (last working day of the month), so hopefully will have enough to pay the bills and keep the wolf from the door.
My car insurance is due end of April and that will really stretch things severely.

Danthewelder

Cheers! #286 up to £200 now. 10% there! :money: